New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-17
OUARRELLING OVER PAPER.
DAVID SCOTS IvANHOE COMPANY.

WHAT is SAID ABOUT THE MORTGAGES GIVEN By
THE PRESENT PRESIDENT, Mr.. PARKER
On assuming the duties OF receiver or the lvanhoe
PAPER Company at Paterson. N j. ex-senator Carrot A.
Hobart set expert at work upon the booxs OF the con-
Germ and found they were in backward state some
of them NOT having been written up since August. In
his application for receiver Henry " Butler, the
former proprietor claims that he still holds consider
able interest In the mills. alleges that he represents
also the interest OF lis sisters and of his daughters who
are granddaughters 10 Justice Bradley of the United
States Supreme Court This the company. 1t will be
remembered, OF which David Scott, who disappeared
recently president In bis statement before
Chancellor McG Mr. Butler represented that 5. Nebber
Parker then the secretary and treasurer and now the
president of the company had given mortgage TOT
$4,000 10 the American Exchange National Bank OF
this city, for the purpose OF protecting his own interests
ani TO the prejudice OF other creditors. MI Butter
secured injunction restraining Mr.. Parker from ex-
ccuting any more mortgages which was served, 1t is
alleged. just Mr. Parker signing another lhstru
OF the kind also represented to Chan-
ceor McGi that the paper In the mill not aire%ly
attached by tho SHERIFF was being shippet TO Edward
Burns the cashier OF the American Exchange BANK as
collateral for Mr. Parkers obligations Ii appears rom
the papers in the William Pennington, son OF
Ex-Governor William Pennington once speaker OF the
United states House of Representatives is party In
interest the side of Butler
WHAT MIR. PARKER SAYS.
reporter called yesterday upon $. Weber Parker.
In reply the representations OF MI Butler MI Parker
said:
mir Butler has taken prominent part in this legal
proceeding not because lie Is sockhoder to any
considerable extent, for lie owns only two shares but
because he expects TO budoze and brighten somebody
The statement that his daughters own any stock is not
true The mortgages made were in pursuance OF the
&C ion taken by Board of Directors which was unail
imous until the day Butler sent IN his injunction Inc
sockhoers in the Butler interest are two sisters or his
wno eniDth Of the stock each, and his COUSIN
william Pennington who is the owner of one sixth or
the stock and is the wee OF the company and
the attorney of the two sisters mentioned tie has been
party 1" all OF Buffers proceedings Tue HOOKS are up
PARTICULAR except as 10 sales when oWinS 10
delay on the part oi selling aseh,S i'll SehIlns ia .hc
accounts OF their sales NJ! irrhus ohotc 10 INC
sufficient funds I" pay up liabilities. hciie,ia that 4 the
manufacturing went on tie business Mould hcsnc'tesi,
and the mortgage against which the inluIctoh was
OBI aimed have used for securing inc money
needed tue payment OF te company debts ana IL so
specined several thousand dollars has been advanced
promise tc mortgage I" pay for lntiera used
from day 10 day The paper Was SHIPPED To the Hlneil-
drafts amounting TO about $4,000 t" keep thc mn III
OPERATION resolution was passed by the ll Hohrd Ga
purpJse of paying The lanor anu To keep the mS EoS
Last Wednesday Sl.4s7 was due the M"rAInen Oh nf
payroll it not yet been pail DAVID scott ami
myself have kept the mills in operation My interest Is
business The capital stock ii the company Is S'o'ooo
II DOE, NOT BGLIEvG sCpTr vii. RETURN.
81 have just heard it STAGED ~ coming from Vernon
Brothers that David scott Is alive at - Cdtharlncs'
ulace in their irn do not credit the story. thlnk
that i; has been started to relieve the NernonS OF the
oAlm whcn their illtreatmcnt Of scott has brought
upon them He made most Ol the money Tor tHt"' III"
their action toward MN vas the principal
cause oi his troubles.
Dumont Clarke. viceprcsl lent OF the American Elk
change National Bana said YESTERDAY mat me action
q Nehbcr Parker IL Cpnnc tom with TIE mortgages Oh
the PAPER Company 10 th" BANK was proper ana
e.1 innate all respects lhey were intended 10 secure
Tie money advanced 10y the bank 10 cary on hnscNN at
the mills ADDITION TO the mortgage or 90 900 there
was "a chatter mortgage for $1,000 IAc paper shipped
by Parker the mills At Paterson - Id Nhd IrS
cash OF tie bank, covered by The chatlt mort
gaze, AMI the Transaction could not he questioned
David Nil Tx stll. we're que 10
dis -ipttlOu. He did not believe That ne was awe
Vernon. >cul,r member oI tue irln 0i vernon
Brothers a. paper Dealers OF No u. I'nane-St, IL
ch DAVID scott partner sdid tndl ne hiu lSt
received telegram from ~. Cat irlncs stating that
the report that there Was not true. lie hhI
also received from SCOTS brother al Toronto
ienyfg the runuTs OF SCOTS having been seen IN
Canada al yariOIs points and reairnlng ms previously
eXpressei belief that his bro her deaf Mt vernon
Indignantly denied that he any member OF his 1rln
currency TO the Statement that scott was coming
back his place in helT business. Before he
with larkcr and became president OF the ivan
hoe Paper Company, said ir. Vernon " ID tNld scott
"A aud reliable business man After
disSpatel AMI no confidence could ne
placed in him His WORK required constant supervision
and his and bluniels were monumental. Tie
statement that he made money for us Is absurd